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posted by martyb on Tuesday October 27 2015, @10:25PM   Printer-friendly
from the sydney-morning-herald-wrong-again dept.

The Center for American Progress reports

In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

[...]Six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company's customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

Previous: Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary
All Staff Pay Raise Backfires on Credit Card Processing Firm


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  • (Score: 2, Interesting) by pinchy on Tuesday October 27 2015, @10:40PM

    by pinchy (777) on Tuesday October 27 2015, @10:40PM (#255312) Journal
    Its good to see this worked out. Its commendable just to have a company stay profitable at a steady state, they dont have to grow like some cancer for it to be a success IMO.

    Anyone here work in this industry or have dealt with this company before? I work on the POS side and currently trying to get EMV support implemented. After dealing with some small CC processors I see why USA is the last to adopt EMV.

    Also I wonder if they might be currently experiencing this: https://en.wikipedia.org/wiki/Hawthorne_effect [wikipedia.org]
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  • (Score: 1, Offtopic) by fishybell on Tuesday October 27 2015, @11:20PM

    by fishybell (3156) on Tuesday October 27 2015, @11:20PM (#255332)

    Off topic, but the thing that bugs me about EMV [wikipedia.org] is that since some retailers now force me to use the chip instead of swiping, and it is inevitably 10 times the wait, and often needs to be restarted. Right now, it's just a pain in the ass for no perceived benefit. I know that it is supposed to be more secure (although still not 100% secure, or even close), I'm sure most people aren't sold because of the delay at checkout alone.

    • (Score: 1) by pinchy on Tuesday October 27 2015, @11:57PM

      by pinchy (777) on Tuesday October 27 2015, @11:57PM (#255343) Journal

      With the payment backends I deal with, the time for an EMV transaction to get authorized is the same as the card mag stripe swipe. These dont support contactless so you have to leave the card inserted until the approval comes back which can make the wait time a lot more apparent.

      But the implementation quality of course can vary wildly. Its gonna be a while before they get the bugs hammered out of the ones that got certified by the skin of there teeth.

    • (Score: 0) by Anonymous Coward on Wednesday October 28 2015, @12:50AM

      by Anonymous Coward on Wednesday October 28 2015, @12:50AM (#255366)

      One more reason to pay with cash. I only use my CC for internet purchases nowadays. Cash is fast, cash is anonymous, cash has no minimum fees. Just don't get mugged or your pocket picked.

    • (Score: 2, Informative) by Clev on Wednesday October 28 2015, @02:11AM

      by Clev (2946) on Wednesday October 28 2015, @02:11AM (#255391)
      Considering it's already been hacked [wired.com], I wouldn't say it's a whole lot more secure than magstripe cards.
      • (Score: 5, Informative) by TheRaven on Wednesday October 28 2015, @09:25AM

        by TheRaven (270) on Wednesday October 28 2015, @09:25AM (#255484) Journal
        The people who first discovered most of the EMV compromises are in the office just across the hall from me. In spite of that, it is far more secure than magnetic stripe. The equipment required to copy a magstripe is cheap and ubiquitous. Most of the EMV attacks rely on either MITM attacks on the payment terminal or stealing stealing the card and inserting the chip into a fake card below a proxy chip that does MITM. The rest rely on weaknesses of implementation (and allow the store part to be attacked, not the customer part). In contrast, you can have a magstripe copied in seconds by a machine that an underpaid sales clerk can fit in the palm of his hand.

        That said, I do find it hilarious that the US banking industry waited until the compromises were public before deciding to adopt it.

        --
        sudo mod me up